Question 127

The rate percent of compound interest on ₹10,000 amounts to become ₹13,310 in 3 years is

Solution

Principal sum = Rs. 10,000 and let rate of interest = $$r\%$$

=> Amount after 3 years = Rs. 13,310

Amount under compound interest = $$P(1+\frac{R}{100})^T$$

=> $$10,000(1+\frac{r}{100})^3=13,310$$

=> $$(1+\frac{r}{100})^3=\frac{13,310}{10,000}=1.331$$

=> $$1+\frac{r}{100}=\sqrt[3]{1.331}$$

=> $$\frac{r}{100}=1.1-1=0.1$$

=> $$r=0.1\times100=10\%$$

=> Ans - (D)

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